SMM December 30 News: Today, the most-traded BC copper 2502 futures contract opened at 65,790 yuan/mt, closing with a bullish candlestick as the 5-day and 10-day moving averages crossed the candlestick body. On Friday night, the most-traded BC copper 02 contract opened lower with a gap, hitting bottom at 65,460 yuan/mt before fluctuating rangebound. During Monday's morning trading session, the futures market fluctuated upward as bulls increased positions. In the afternoon trading session, the center of the most-traded BC copper 02 contract continued to rebound, peaking at 65,880 yuan/mt and finally closing at 65,790 yuan/mt, down 60 yuan/mt or 0.09%. The main driver was the increase in bullish positions, with open interest reaching 6,376 lots, up 47 lots from the previous trading day, while trading volume reached 6,714 lots, down 853 lots from the previous trading day.
Macro side, recent macro news has been relatively quiet, providing limited guidance for copper prices. As the year-end approaches, fundamentals side remains weak on both supply and demand, keeping copper prices in a rangebound fluctuation pattern. The most-traded BC copper contract posted a slight decline during the day.
The SHFE copper 2502 contract closed at 74,270 yuan/mt. Based on the BC copper 2502 contract price of 65,790 yuan/mt, its post-tax price is approximately 74,343 yuan/mt. The price spread between the SHFE copper 2502 contract and the BC copper 2502 contract stood at -73 yuan/mt, with the spread remaining inverted and widening compared to the previous trading day.
